Dead internet theory? 90% of all stablecoin transactions done by machines

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Last Updated on 7 May 2024 by CryptoTips.eu

While crypto is once again looking up (I noticed Solana hit $150 again yesterday), a report first published by Bloomberg is stirring the minds of crypto fans on social media.

The ‘Dead Internet Theory’ is suddenly alive and well again as it turns out that no less than 90% of all stablecoin transactions are made by bots and automatic orders.

Advertentie.

Imperva

Just as major financial services companies such as PayPal and Stripe are exploring the possibility of launching their own stablecoin, the use of these cryptocurrencies is already well established for all those who are crypto-inclined. However, according to a report discussed yesterday on Bloomberg, as much as 90% of all stablecoin transactions are not ‘organic’ (aka not done by human input).

This means that the vast majority of these transactions are done by bots and automatic orders.

This also means that the ‘Dead Internet Theory’ is now entering the crypto world. Originally launched in 2016 or 2017, this conspiracy theory states that only 10% of the internet is “organic” and the vast majority of all social media users are bots.

The theory gained ground after a report from the American company Imperva. They reported that 2016 was the first year in which internet traffic made by bots exceeded human activity for the first time (52% versus 48%).

According to the theory, the bots try to trick the algorithms into redirecting their preferred pages to a better position on search engines.

Another stablecoins theory is also gaining ground. One that says that the number of transactions by Wall Street companies increases as the number of stablecoins in circulation increases as well.

An interesting piece of data.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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